Apple shares are skyrocketing early in the market due to the global investment banks (IBs) praising Apple.
At 9:15 AM on June 12, BH ended trading at around $21.60, up 15.90% from the previous trading day. In addition, stocks tied to Apple, such as ITM Semiconductor (up 18.55%) and LG Innotek (up 14.38%), showed strong performance.
Apple unveiled its new AI system, Apple Intelligence, through a promotional video at this year’s Worldwide Developers Conference (WWDC2024) on June 10. As a result, the stock price fell 1.91%, as reviews showed Apple Intelligence was not new.
However, major IBs continued to praise Apple, causing Apple’s stock to rise. The impact is expected to spread to the Korean market. Mirae Asset Securities Analyst Kim Seok Hwan analyzed, “Despite a decline the previous day, Apple recorded a strong performance due to praise from major IBs, including Morgan Stanley and Bank of America. The Apple Intelligence AI system unveiled at WWDC 2024 will accelerate the future iPhone replacement cycle.”
Apple ended trading at $207.15, up $14.03 (7.26%) from the previous trading day.
